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目錄

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美國

證券交易委員會

華盛頓特區20549

表格 10-Q

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根據1934年證券交易所法案第13或15(d)條的季報告

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截至2024年6月30日季度結束 2024年9月30日

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到         至          

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委員會檔案編號： 000-26966

Graphic

先進能源工業，INC。

（依憑章程所載的完整登記名稱）

​

特拉華州

84-0846841

(成立地或組織其他管轄區)

（聯邦稅號）

​

​

1595 Wynkoop Street，Suite 800, 丹佛, 科羅拉多州

80202

(總部辦公地址)

（郵政編碼）

​

(970) 407-6626

(註冊人的電話號碼，包括區號)

根據法案第12(b)條註冊的證券：

​

每種類別的名稱

交易標的（s）

每個註冊交易所的名稱

普通股，每股面值$0.001

AEIS

納斯達克全球貨幣選擇市場

​

請勾選是否公司：(1) 在過去12個月內已按照1934年證券交易所法第13或15(d)條的規定提交了應當提交的所有報告（或對於公司被要求提交該等報告的較短期間），以及(2) 過去90天內已受到該等提交要求的約束。 是 þ 否◻

請用打勾的方式指示，本申報人是否在過去十二個月內（或其需提交此類文件的較短期間）已按照Regulation S-t條例第405條的規定遞交每個互動資料檔案。 是 þ 否◻

請載明檢查標記，公司是否為大型加速披露人、加速披露人、非加速披露人、小型報告公司或新興成長公司。請於「交易所法案」第1202條中查閱「大型加速披露人」、「加速披露人」、「小型報告公司」和「新興成長公司」的定義。

大型加速歸檔人 þ

加速披露人◻

非加速提交者◻

小型報告公司☐

新興成長型公司 ☐

如果一家新興成長型企業，請勾選“是”表示註冊人選擇不使用根據證券交易所法第13(a)條所提供的任何新的或修改後的財務會計準則的延長過渡期來遵守。 ◻

檢查標記指示申報人是否為空殼公司（如Exchange Act第120億2條的定義）。 是☐ 否þ

截至2024年10月28日，共有 37,673,067 每股面值$0.001的公司普通股，總股數.

​

​

​

目錄

先進能源工業，INC。

表格10-Q

目 錄

​

​

​

​

​

​

​

第一部分　財務資訊

​

​

​

​

項目 1。

未經審核的合併基本報表

​

3

​

​

​

​

合併資產負債表

3

​

​

​

​

綜合損益表

4

​

​

​

​

綜合損益總表)

5

​

​

​

​

股東權益合併報表

6

​

​

​

​

綜合現金流量表

7

​

​

​

​

基本報表註

8

​

​

​

條目 2。

財務狀況和業績的管理討論和分析

25

​

​

​

條目 3。

市場風險相關數量和質量的披露

42

​

​

​

條目 4。

控制和程序

43

​

​

​

​

第二部分其他資訊

​

​

​

​

項目 1。

法律訴訟

43

​

​

​

項目1A.

風險因素

43

​

​

​

條目 2。

未註冊的股票銷售和收益使用

44

​

​

​

條目 3。

債券不履行標準

44

​

​

​

條目 4。

礦山安全披露

44

​

​

​

條目 5。

其他信息

44

​

​

​

條目 6。

附件

45

​

​

​

​

簽名

46

​

​

​

​

​

​

2

目錄

第一部分 基本報表

項目1. 未經審計的合併財務報表

先進能源工業，INC。

未經審計的綜合資產負債表

(以千為單位，每股金額除外)

​

​

​

​

​

​

​

​

​

​

​

九月三十日

​

12月31日

​

​

    

2024

    

2023

​

資產

 

​

  

 

​

  

 

流動資產:

 

​

  

 

​

  

 

現金及現金等價物

​

$

657,288

​

$

1,044,556

​

應收帳款淨額

​

 

259,399

​

 

282,430

​

存貨

​

 

377,740

​

 

336,137

​

其他流動資產

​

​

51,281

​

​

48,771

​

全部流動資產

​

 

1,345,708

​

 

1,711,894

​

物業及設備，扣除折舊後淨值

​

 

181,875

​

 

167,665

​

營運租賃權使用資產

​

​

86,003

​

​

95,432

​

其他資產

​

 

134,948

​

 

136,448

​

無形資產，扣除累計攤銷

​

 

145,290

​

 

161,478

​

商譽

​

 

299,036

​

 

283,840

​

總資產

​

$

2,192,860

​

$

2,556,757

​

​

​

​

​

​

​

​

​

負債及股東權益

​

 

​

​

 

​

​

流動負債：

​

 

​

​

 

​

​

應付賬款

​

$

133,006

​

$

141,850

​

應付薪酬和員工福利

​

 

62,743

​

 

73,595

​

其他應計費用

​

 

66,048

​

 

66,662

​

客戶存款及其他

​

 

11,351

​

 

15,997

​

長期債務的當期償還

​

​

—

​

​

20,000

​

營運租賃負債的流動部分

​

​

18,360

​

​

17,744

​

流動負債合計

​

 

291,508

​

 

335,848

​

長期負債淨額

​

​

564,000

​

​

895,679

​

營業租賃負債

​

​

80,264

​

​

89,330

​

養老金福利

​

​

50,374

​

​

49,135

​

其他長期負債

​

​

42,322

​

​

42,583

​

總負債

​

 

1,028,468

​

 

1,412,575

​

​

​

​

​

​

​

​

​

承諾和條件（附注15）

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

股東權益：

​

 

​

​

 

​

​

優先股，面額; 授權 $0.001 每股面額為 1,000 股份已授權 無 發行的 和傑出的

​

 

—

​

 

—

​

普通股, $0.001 每股面額為 70,000 授權股份為 37,671 和 37,318 發行的 和 未履行合約 於2024年9月30日和2023年12月31日，分別為　

​

 

38

​

 

37

​

資本公積額額外增資

​

 

180,529

​

 

148,300

​

其他綜合收益累計額

​

 

2,089

​

 

6,114

​

保留收益

​

 

981,736

​

 

989,731

​

股東權益總額

​

 

1,164,392

​

 

1,144,182

​

負債總額及股東權益

​

$

2,192,860

​

$

2,556,757

​

​

​

​

​

​

​

​

​

​

附註是這些未經審計的合併財務報表的一個不可分割的部分。

​

3

目錄

先進能源工業，INC。

未經審核的綜合營運表

(以千為單位，每股金額除外)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

​

    

2024

​

2023

    

2024

    

2023

​

凈收益

​

$

374,217

​

$

409,991

​

$

1,066,639

​

$

1,250,539

​

營業成本

​

 

240,149

​

 

262,650

​

 

692,001

​

 

801,007

​

毛利潤

​

 

134,068

​

 

147,341

​

 

374,638

​

 

449,532

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

營業費用：

​

 

​

​

 

​

​

 

​

​

 

​

​

研發費用

​

 

53,561

​

 

50,391

​

 

155,732

​

 

153,414

​

銷售、一般及管理費用

​

 

56,237

​

 

55,131

​

 

166,374

​

 

166,102

​

營業無形資產攤銷

​

 

6,772

​

 

7,049

​

 

20,519

​

 

21,186

​

重組、資產減損和其他費用

​

 

28,546

​

 

4,709

​

 

29,416

​

 

8,906

​

營業費用總計

​

 

145,116

​

 

117,280

​

 

372,041

​

 

349,608

​

營業利益（損失）

​

 

(11,048)

​

 

30,061

​

 

2,597

​

 

99,924

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

利息收入

​

​

11,018

​

​

6,396

​

​

35,782

​

​

14,282

​

利息費用

​

​

(6,378)

​

​

(3,780)

​

​

(20,461)

​

​

(9,368)

​

其他收入（費用），淨額

​

 

(8,139)

​

 

1,848

​

 

(6,122)

​

 

1,425

​

持續營運收入（損失），稅前

​

 

(14,547)

​

 

34,525

​

 

11,796

​

 

106,263

​

所得稅費用（利益）

​

 

(400)

​

 

874

​

 

4,552

​

 

13,405

​

繼續營運所得(損失)

​

 

(14,147)

​

 

33,651

​

 

7,244

​

 

92,858

​

停止運作所致損失，扣除所得稅後

​

 

(758)

​

 

(930)

​

 

(1,904)

​

 

(2,076)

​

凈利潤（損失）

​

$

(14,905)

​

$

32,721

​

$

5,340

​

$

90,782

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基本加權平均普通股份流通量

​

 

37,532

​

 

37,575

​

 

37,455

​

 

37,541

​

稀釋加權平均普通股股份

​

 

37,532

​

 

37,854

​

 

37,785

​

 

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

每股收益（損失）：

​

 

  

​

 

  

​

 

​

​

 

​

​

繼續營運：

​

 

  

​

 

  

​

 

​

​

 

​

​

基本每股盈利

​

$

(0.38)

​

$

0.90

​

$

0.19

​

$

2.47

​

稀釋每股盈利

​

$

(0.38)

​

$

0.89

​

$

0.19

​

$

2.45

​

已停止操作：

​

 

​

​

 

​

​

 

​

​

 

​

​

基本每股損失

​

$

(0.02)

​

$

(0.02)

​

$

(0.05)

​

$

(0.06)

​

稀釋每股損失

​

$

(0.02)

​

$

(0.02)

​

$

(0.05)

​

$

(0.05)

​

凈利潤（損失）：

​

 

​

​

 

​

​

 

​

​

 

​

​

基本每股盈利（虧損）

​

$

(0.40)

​

$

0.87

​

$

0.14

​

$

2.42

​

稀釋每股盈利（虧損）

​

$

(0.40)

​

$

0.86

​

$

0.14

​

$

2.40

​

​

附註是這些未經審計的合併財務報表的一個不可分割的部分。

​

4

目錄

先進能源工業，INC。

未經審核的綜合收益（損失）合併報表

(以千為單位)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

​

    

2024

    

2023

    

2024

    

2023

​

凈利潤（損失）

​

$

(14,905)

​

$

32,721

​

$

5,340

​

$

90,782

​

其他綜合收益（損失），扣除所得稅

​

 

​

​

 

  

​

 

​

​

 

  

​

外幣兌換

​

 

12,401

​

 

(5,069)

​

 

3,251

​

 

(6,798)

​

现金流量套期交易公允值变动

​

 

(1,738)

​

 

(1,822)

​

 

(5,474)

​

 

(3,840)

​

定義員工福利計劃

​

 

(1,751)

​

 

—

​

 

(1,802)

​

 

(292)

​

綜合收益（損失）

​

$

(5,993)

​

$

25,830

​

$

1,315

​

$

79,852

​

​

附註是這些未經審計的合併財務報表的一個不可分割的部分。

​

5

目錄

先進能源工業，INC。

股東權益未經審核的綜合報表

(以千為單位，每股金額除外)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

普通股

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累計

​

​

​

​

​

​

​

​

​

​

​

​

​

額外的

​

其他

​

​

​

​

總計

​

​

​

​

​

​

​

實收資本

​

綜合

​

保留收益

​

股东权益

​

​

股份

​

金額

​

資本

​

收入（損失）

​

累積盈餘

​

股權

2022年12月31日結餘

    

37,429

​

$

37

​

$

134,640

​

$

16,320

​

$

915,270

​

$

1,066,267

從股權計劃發行的股票

​

100

​

​

—

​

​

(1,991)

​

​

—

​

​

—

​

​

(1,991)

股份報酬

​

—

​

​

—

​

​

6,543

​

​

—

​

​

—

​

​

6,543

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,814)

​

​

(3,814)

其他全面損失

​

—

​

​

—

​

​

—

​

​

(2,013)

​

​

—

​

​

(2,013)

凈利潤

​

—

​

​

—

​

​

—

​

​

—

​

​

30,921

​

​

30,921

2023年3月31日結餘

​

37,529

​

​

37

​

​

139,192

​

​

14,307

​

​

942,377

​

​

1,095,913

股票由股權計劃發行

​

121

​

​

1

​

​

606

​

​

—

​

​

—

​

 

607

股份報酬

​

—

​

​

—

​

​

7,423

​

​

—

​

​

—

​

 

7,423

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,778)

​

​

(3,778)

其他全面損失

​

—

​

​

—

​

​

—

​

​

(2,026)

​

​

—

​

 

(2,026)

凈利潤

​

—

​

​

—

​

​

—

​

​

—

​

​

27,140

​

 

27,140

2023年6月30日結餘

​

37,650

​

​

38

​

​

147,221

​

​

12,281

​

​

965,739

​

​

1,125,279

股份發行自權益計畫

​

8

​

​

—

​

​

130

​

​

—

​

​

—

​

​

130

股份報酬

​

—

​

​

—

​

​

7,506

​

​

—

​

​

—

​

​

7,506

股份回購

​

(378)

​

​

(1)

​

​

(1,530)

​

​

—

​

​

(38,469)

​

​

(40,000)

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,830)

​

​

(3,830)

其他全面損失

​

—

​

​

—

​

​

—

​

​

(6,891)

​

​

—

​

​

(6,891)

warrants和票據避險，淨

​

—

​

​

—

​

​

(40,135)

​

​

—

​

​

—

​

​

(40,135)

可轉換票據和票務對沽空稅的影響

​

—

​

​

—

​

​

26,091

​

​

—

​

​

—

​

​

26,091

凈利潤

​

—

​

​

—

​

​

—

​

​

—

​

​

32,721

​

​

32,721

2023年9月30日結餘

​

37,280

​

$

37

​

$

139,283

​

$

5,390

​

$

956,161

​

$

1,100,871

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日結餘

​

37,318

​

$

37

​

$

148,300

​

$

6,114

​

$

989,731

​

$

1,144,182

由股本計畫發行的股票

​

116

​

​

—

​

​

(5,327)

​

​

—

​

​

—

​

​

(5,327)

股份報酬

​

—

​

​

—

​

​

10,591

​

​

—

​

​

—

​

​

10,591

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,810)

​

​

(3,810)

其他全面損失

​

—

​

​

—

​

​

—

​

​

(7,969)

​

​

—

​

​

(7,969)

延遲薪酬

​

—

​

​

—

​

​

79

​

​

—

​

​

(79)

​

​

—

凈利潤

​

—

​

​

—

​

​

—

​

​

—

​

​

5,216

​

​

5,216

2024年3月31日結餘

​

37,434

​

​

37

​

​

153,643

​

​

(1,855)

​

​

991,058

​

​

1,142,883

從股權計劃發行的股票

​

93

​

​

—

​

​

(173)

​

​

—

​

​

—

​

​

(173)

股票發行（附註2 購併）

​

144

​

​

1

​

​

4,463

​

​

—

​

​

—

​

​

4,464

股份報酬

​

—

​

​

—

​

​

10,720

​

​

—

​

​

—

​

​

10,720

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,848)

​

​

(3,848)

其他全面損失

​

—

​

​

—

​

​

—

​

​

(4,968)

​

​

—

​

​

(4,968)

延遲薪酬

​

—

​

​

—

​

​

1,033

​

​

—

​

​

(64)

​

​

969

凈利潤

​

—

​

​

—

​

​

—

​

​

—

​

​

15,029

​

​

15,029

2024年6月30日結餘

​

37,671

​

​

38

​

​

169,686

​

​

(6,823)

​

​

1,002,175

​

​

1,165,076

從股權計劃發行的股票

​

19

​

​

—

​

​

(529)

​

​

—

​

​

—

​

 

(529)

股份報酬

​

—

​

​

—

​

​

11,481

​

​

—

​

​

—

​

 

11,481

股份回購

​

(19)

​

​

—

​

​

(89)

​

​

—

​

​

(1,681)

​

​

(1,770)

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,871)

​

 

(3,871)

其他綜合收益

​

—

​

​

—

​

​

—

​

​

8,912

​

​

—

​

 

8,912

延遲薪酬

​

—

​

​

—

​

​

(20)

​

​

—

​

​

18

​

​

(2)

淨損失

​

—

​

​

—

​

​

—

​

​

—

​

​

(14,905)

​

 

(14,905)

2024年9月30日賬戶餘額

​

37,671

​

$

38

​

$

180,529

​

$

2,089

​

$

981,736

​

$

1,164,392

​

附註是這些未經審計的合併財務報表的一個不可分割的部分。

6

目錄

先進能源工業，INC。

未經審核的現金流量統計表

(以千為單位)

​

​

​

​

​

​

​

​

​

​

截至九月三十日的九個月

​

    

2024

    

2023

營業活動之現金流量：

 

​

  

 

​

  

凈利潤

​

$

5,340

​

$

90,782

扣除：停止運作虧損，稅後淨利潤

​

 

(1,904)

​

 

(2,076)

繼續營運收入，扣除所得稅後凈額

​

 

7,244

​

 

92,858

調整以將凈利潤調節為營業活動產生的淨現金流量：

​

 

  

​

 

  

折舊與攤提

​

 

51,824

​

 

49,764

股份報酬

​

 

34,303

​

 

22,813

攤提及撥銷發行成本及債務折扣

​

​

3,036

​

​

378

透過未實現稅收抵免的利益

​

 

305

​

 

(996)

其他

​

​

1,041

​

​

394

運營資產和負債的變動，扣除所取得的資產

​

 

​

​

 

​

應收帳款淨額

​

 

23,604

​

 

35,135

存貨

​

 

(41,187)

​

 

9,025

其他資產

​

 

576

​

 

4,121

應付賬款

​

 

(8,778)

​

 

(26,203)

其他負債及應計費用

​

 

(21,718)

​

 

(59,049)

持续经营中的经营活动净现金流量

​

 

50,250

​

 

128,240

已停止營運的業務來源的營運活動淨現金

​

 

(2,191)

​

 

(3,307)

經營活動產生的淨現金

​

 

48,059

​

 

124,933

​

​

​

​

​

​

​

投資活動產生的現金流量:

​

 

  

​

 

  

長期投資購買

​

​

(2,698)

​

​

(3,447)

購買不動產和設備

​

 

(44,045)

​

 

(46,782)

併購，扣除所得現金淨額

​

​

(13,762)

​

​

—

投資活動產生的淨現金

​

 

(60,505)

​

 

(50,229)

​

​

​

​

​

​

​

融資活動產生的現金流量:

​

 

  

​

 

  

長期借款所得

​

​

—

​

​

575,000

長期借款費用支付

​

​

(105)

​

​

(12,985)

長期借款的支付

​

​

(355,000)

​

​

(15,000)

股息支付

​

​

(11,529)

​

​

(11,422)

支付購買票擔保的款項

​

​

—

​

​

(115,000)

認股權證出售收益

​

​

—

​

​

74,865

購買和養老普通股

​

​

(1,770)

​

​

(40,000)

與股票獎勵相關的淨支付

​

 

(6,029)

​

 

(1,254)

融資活動產生的淨現金

​

 

(374,433)

​

 

454,204

​

​

​

​

​

​

​

貨幣轉換對現金及現金等價物的影響

​

 

(389)

​

 

(1,795)

​

​

​

​

​

​

​

現金及現金等價物的淨變動

​

 

(387,268)

​

 

527,113

期初現金及現金等價物

​

 

1,044,556

​

 

458,818

期末現金及現金等價物

​

$

657,288

​

$

985,931

​

附註是這些未經審計的合併財務報表的一個不可分割的部分。

​

7

目錄

先進能源工業，INC。

附註基本報表未經審核

(以千為單位，除每股數據外)

​

附註1. 業務描述和簡報基礎

Advanced Energy Industries, Inc.，一家特拉華州公司，及其合併附屬公司（「我們」、「我們」、「我們的」、「先進能源」或「公司」）向全球客戶提供高度工程化、重要的、精密的電源變換、測量和控制解決方案。我們設計、製造、銷售和支援精密電源產品，將從公用事業或建築設施輸出的原始電力轉換、精煉和修改，並將其轉換為各種高度可控、可用的電力類型，以符合驅動各種複雜設備所需的必要要求。我們的許多產品使客戶能夠透過提高電力轉換效率、功率密度、功率耦合和流程控制，在各種應用領域範圍內減少或優化能源消耗.

在管理層的看法中，隨附的未經審核的合併財務報表包含所有調整，包括正常的、經常性的調整，以公正地呈現2024年9月30日的Advanced Energy財務狀況，以及截至2024年9月30日和2023年9月30日三個月和九個月營運和現金流量的結果

此處包含的未經審計的合併基本報表是根據美國證券交易委員會（“SEC”）的規則和法規編製的。根據這些規則和法規，省略了根據美國通用會計準則（“U.S. GAAP”）編製的基本報表通常包含的某些信息和附註披露。應該與我們截至2023年12月31日的年度報告在Form 10-K上披露的審計合併基本報表及附註一起閱讀這些未經審計的合併基本報表以及向SEC提交的其他財務信息。

在編制合併基本報表時所用的估計方法

按照美國通用會計準則編制我們的合併基本報表需要我們做出影響資產和負債金額報告、財務報表日前的潛在負債披露以及利潤和費用金額在報告期間報告的估計、假設和判斷。重要的估計、假設和判斷包括但不限於，庫存過剩和陳舊、所得稅和其他準備以及收購和資產估值。 過量和淘汰的存貨、所得稅和其他準備以及收購和資產估值。

​

重要之會計政策

我們的會計政策描述於附註1。經營概要及重要會計政策和估計 附註1.營運概要和重要會計政策和估計摘要 至於2023年12月31日結束的年度報告Form 10-k中我們的經過審計的合併財務報表。

​

8

目錄

先進能源工業股份有限公司。

未經審計的綜合財務報表附註 - (續)

(以千為單位，除每股數據外)

​

新的會計準則

從時間到時間，財務會計準則委員會（FASB）或其他標準制定機構會發布新的會計公告。 FASB會計準則編碼（ASC）的更新通過發行會計準則更新（ASU）進行通知。 除非另有討論，我們認為最近發布的指導意見的影響，無論是採納還是將來採納，對採納後的綜合財務報表不會造成實質影響。

新會計準則已發布，但尚未採納。

2023年11月，FASb發布了ASU 2023-07 “節段報告（第280條）對可報告節段披露的改進。” ASU 2023-07擴大了披露要求，要求提供關於重要節段費用的額外信息。此外，ASU改進了中期披露，澄清了實體可以披露多個節段損益指標的情況，並為具有單一可報告節段的實體提供了新的披露要求。該指引將對我們在2024年12月31日結束的年度報告Form 10-k生效。我們不認為上述指導將對我們的合併財務報表產生實質影響。

2023年12月，FASb發布了ASU 2023-09 “所得稅披露的改進。” ASU 2023-09要求提供有關報告實體有效稅率調解的細分信息，以及有關所得稅支付的額外披露。該指引將於2025年1月1日對我們生效。我們不認為上述指導將對我們的合併財務報表產生實質影響。

2024年3月，證監會發布了有關氣候相關披露規則。這些規則並不改變會計處理方式，但它們大幅擴大了公司需要披露的氣候相關信息。有幾份請願書提出對這些氣候相關披露規則的挑戰，並且在2024年4月，證監會自願暫停了這些規則，以等待司法審查完成。我們不認為上述披露要求將對我們的合併財務報表產生實質影響。我們正在評估披露要求以及支持額外披露所需的業務流程、系統和控制更改。

​

​

​

​

9

目錄

愛文思控股工業股份有限公司。

未經審核的合併基本報表附註 — (續)

(以千為單位，除每股數據外)

​

附註2. 收購事項

於2024年6月20日，我們收購了 100Airity Technologies, Inc.（“Airity”）發行和流通中資本股份的％，該公司位於加利福尼亞州紅木城。我們將此筆交易視為業務組合。 Airity專注於高壓電源轉換技術和產品，擴大了我們在半導體設備、工業和醫療市場中目標應用的範圍。

以下表格總結了支付的考慮:

​

​

​

​

​

​

​

考慮因素

支付結算時現金

​

$

14,301

愛文思控股普通股

​

​

4,463

應付款項結算

​

​

(654)

一年週年紀念日支付的賠償留保款

​

​

1,500

購買考慮總公允價值

​

$

19,610

​

我們仍在評估已取得資產和負債的公允價值，包括已取得的部分
無形資產，包括其估計使用ful壽命、相關稅務影響，以及所得的商譽。我們對購買考慮價值的初步分配如下：

​

​

​

​

​

​

​

公平價值

現金

​

$

539

流動資產及負債，淨額

​

​

457

財產和設備

​

​

42

递延所得税负债

​

​

(2,229)

無形資產

​

​

4,200

商譽（不可在稅務上扣除）

​

​

16,601

收購的淨資產公允價值總額

​

$

19,610

​

我們將Airity的業務結果納入我們的合併基本報表，從收購日期開始。

有關收購，我們已簽訂 協議 與某些前Airity員工合作。在截止日期，這些人收到總共 0.1 百萬股愛文思控股普通股，價值$15.6 百萬，根據2024年6月20日的收盤價計算，其中$4.5 百萬分配給購買考慮，而$11.1 百萬將作為未來薪酬。我們將在11.1 預期的獲准期間內記錄這筆$百萬作為股本報酬支出。 三年期間相對於S＆P 500 IT板塊指數進行度量，有潛在購股%的帶有TSR數據量度的PSUs

​

10

目錄

先進能源工業股份有限公司。

未經審計的綜合財務報表附註 - (續)

(以千為單位，除每股數據外)

​

註3. 營業收入

營業收入拆分

以下表格提供有關我們營業收入的其他資訊：

營業收入按市場分析

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

​

    

2024

​

2023

    

2024

    

2023

    

半導體設備

​

$

197,497

​

$

185,033

​

$

565,721

​

$

552,419

​

工業和醫療

​

 

76,837

​

 

115,226

​

 

239,359

​

 

365,849

​

idc概念計算

​

​

80,653

​

​

68,286

​

​

195,519

​

​

187,021

​

電信和網路

​

​

19,230

​

​

41,446

​

​

66,040

​

​

145,250

​

總計

​

$

374,217

​

$

409,991

​

$

1,066,639

​

$

1,250,539

​

​

地域板塊的營業收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

​

截至九月三十日的九個月

​

​

​

    

2024

​

    

2023

​

    

2024

    

    

2023

​

    

北美

​

$

175,691

    

47.0

%

    

$

184,783

    

45.1

%

    

$

482,564

    

45.2

%

    

$

537,241

    

42.9

%

​

亞洲

​

​

163,212

​

43.6

​

​

​

178,190

​

43.5

​

​

​

467,110

​

43.8

​

​

​

543,871

​

43.5

​

​

歐洲

​

​

34,892

​

9.3

​

​

​

46,088

​

11.2

​

​

​

115,258

​

10.8

​

​

​

164,867

​

13.2

​

​

其他

​

 

422

​

0.1

​

​

​

930

​

0.2

​

​

​

1,707

​

0.2

​

​

​

4,560

​

0.4

​

​

總計

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

​

按重要國家別收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

​

截至九月三十日的九個月

​

​

​

​

​

    

2024

​

    

2023

​

    

2024

    

    

2023

​

    

美國

​

$

134,614

    

35.9

%

    

$

156,710

    

38.2

%

    

$

371,925

    

34.9

%

    

$

457,325

    

36.6

%

​

墨西哥

​

​

40,953

​

10.9

​

​

​

27,464

​

6.7

​

​

​

109,768

​

10.3

​

​

​

77,953

​

6.2

​

​

台灣

​

​

40,990

​

11.0

​

​

​

33,136

​

8.1

​

​

​

119,571

​

11.2

​

​

​

98,842

​

7.9

​

​

中國

​

​

28,725

​

7.7

​

​

​

41,391

​

10.1

​

​

​

70,298

​

6.6

​

​

​

132,039

​

10.6

​

​

所有板塊其他部分

​

​

128,935

​

34.5

​

​

​

151,290

​

36.9

​

​

​

395,077

​

37.0

​

​

​

484,380

​

38.7

​

​

總計

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

​

我們根據客戶的交貨地點將營業收入歸因於各個國家和地區。在所述期間內，除上述特定國家外，沒有任何個別國家的總合營業收入超過我們總合營收的10%。

按類別的營業收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

    

2024

​

2023

    

2024

    

2023

產品

​

$

332,647

​

$

369,129

​

$

944,279

​

$

1,118,284

服務及其他

​

​

41,570

 

​

40,862

​

​

122,360

 

​

132,255

總計

​

$

374,217

 

$

409,991

​

$

1,066,639

 

$

1,250,539

​

其他營業收入包括我們服務團隊出售的特定備件和產品。

​

11

目錄

先進能源工業股份有限公司。

未經審計的綜合財務報表附註 - (續)

(以千為單位，除每股數據外)

​

重要客戶

截至2024年9月30日止三個月內，applied materials inc和Lam研究公司佔了 252024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 11分別佔我們總營業收入的%，在截至2024年9月30日為止的九個月內，applied materials inc及拉姆研究公司佔了 272024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 10分別佔我們總營業收入的%，在截至2023年9月30日為止的三個月和九個月內，applied materials inc佔了 232024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 21分別佔我們總營業收入的%，在提出的期間內，沒有其他客戶的營業收入超過我們總營業收入的10%。

截至2024年9月30日，applied materials inc的應收賬款餘額佔 28我們總應收賬款的%，截至2023年12月31日，applied materials inc的應收賬款餘額佔 26我們總應收賬款的%，在提出的期間內，沒有其他客戶的應收賬款超過我們總應收賬款的10%。

​

​

​

4.所得稅備註

以下表格概述了我們繼續營運的所得（虧損）的稅務提供（利益）和有效稅率：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

​

    

2024

    

2023

    

2024

    

2023

​

持續營運收入（損失），稅前

​

$

(14,547)

​

$

34,525

​

$

11,796

​

$

106,263

​

所得稅費用（利益）

​

$

(400)

​

$

874

​

$

4,552

​

$

13,405

​

有效稅率

​

​

(2.7)

%

​

2.5

%

​

38.6

%

​

12.6

%

​

我們的有效稅率與美國聯邦法定稅率不同 21主要是由於在低稅率下營業收入豐厚的外國司法管轄區的收益，以及稅收抵免，部分抵消了對外國業務征收的美國稅收。

​

先前宣佈的中國中山工廠關閉影響了我們在截至2024年9月30日的三個和九個月內的有效稅率。截至2024年9月30日的九個月內，由於當前時期的有利離散項目較之前時期的較大有利離散項目較小，我們的有效稅率高於前一年同期。

​

截至2024年1月1日，組織經濟合作與發展組織（“OECD”）實施了15%的支柱II全球最低有效稅率。超過140個國家同意實施支柱II全球最低稅率。然而，每個國家的實施時間不同。迄今為止，我們已確定，由於一些稅收司法管轄區要到2024年12月31日後才會實施支柱II，或者通過安全港測試滿足，以防止支柱II下的最低稅收，因此並不存在任何重要的全球最低稅收義務。我們會繼續監控各司法管轄區的變化，並在全年期間納入任何適當的最低稅收。

​

12

目錄

先進能源工業股份有限公司。

未經審計的綜合財務報表附註 - (續)

(以千為單位，除每股數據外)

​

註5。股東權益和每股盈利

累計其他綜合收益（損失）

以下表格总结了其他综合收益的组成部分以及变动情况
（亏损），扣除所得税后。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

外幣兌換

    

​

现金流量套期交易公允价值变动

    

​

定义员工福利计划

    

​

總計

2022年12月31日結餘

​

$

(12,823)

​

$

11,848

​

$

17,295

​

$

16,320

未重分類之其他綜合損益

​

​

(196)

​

​

595

​

​

—

​

​

399

從累積其他綜合損益（損失）中重新分類的金額

​

​

—

​

​

(2,412)

​

​

—

​

​

(2,412)

2023年3月31日結束餘額

​

​

(13,019)

​

​

10,031

​

​

17,295

​

​

14,307

其他綜合收益（虧損）在重分類前

​

​

(1,533)

​

​

2,555

​

​

—

​

​

1,022

從累積其他綜合損益（損失）中重新分類的金額

​

​

—

​

​

(2,756)

​

​

(292)

​

​

(3,048)

2023年6月30日結餘

​

​

(14,552)

​

​

9,830

​

​

17,003

​

​

12,281

其他綜合收益（損失）在重新分類之前

​

​

(5,069)

​

​

1,036

​

​

—

​

​

(4,033)

從累積其他綜合損益（損失）中重新分類的金額

​

​

—

​

​

(2,858)

​

​

—

​

​

(2,858)

截至2023年9月30日的結餘

​

$

(19,621)

​

$

8,008

​

$

17,003

​

$

5,390

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

外幣兌換

    

​

现金流量套期工具公允價值變動

    

​

定義員工福利計劃

    

​

總計

2023年12月31日餘額

​

$

(10,796)

​

$

5,474

​

$

11,436

​

$

6,114

其他綜合收益（虧損）在重分類前

​

​

(6,589)

​

​

1,405

​

​

—

​

​

(5,184)

從累積其他綜合損益（損失）中重新分類的金額

​

​

—

​

​

(2,785)

​

​

—

​

​

(2,785)

2024年3月31日止結餘

​

​

(17,385)

​

​

4,094

​

​

11,436

​

​

(1,855)

除其他外，綜合損益（淨利）在重新歸類之前

​

​

(2,561)

​

​

395

​

​

—

​

​

(2,166)

從累積其他綜合損益（損失）中重新分類的金額

​

​

—

​

​

(2,751)

​

​

(51)

​

​

(2,802)

2024年6月30日餘額

​

​

(19,946)

​

​

1,738

​

​

11,385

​

​

(6,823)

除其他綜合收益（損失）重新分類前

​

​

10,816

​

​

444

​

​

(2,228)

​

​

9,032

從累積其他綜合損益（損失）中重新分類的金額

​

​

1,585

​

​

(2,182)

​

​

477

​

​

(120)

2024年9月30日結餘

​

$

(7,545)

​

$

—

​

$

9,634

​

$

2,089

13

目錄

先進能源工業股份有限公司。

未經審計的綜合財務報表附註 - (續)

(以千為單位，除每股數據外)

​

​

從累積其他綜合收益（損失）重新分類至財務報告中特定標題的金額為
綜合營運概況表的合併基本報表情況如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

    

截至九月三十日的九個月

    

To Caption on Consolidated

​

   

2024

​

2023

​

    

2024

    

​

2023

​

營運報表

外幣兌換

​

$

1,585

​

$

—

​

$

1,585

​

$

—

​

其他收入（費用），淨額

現金流量套期保值

​

​

(2,182)

​

​

(2,858)

​

​

(7,718)

​

​

(8,026)

​

利息費用

定義員工福利計劃

​

​

477

​

​

—

​

​

426

​

​

(292)

​

其他收入（費用），淨額

總再分類

​

$

(120)

​

$

(2,858)

​

$

(5,707)

​

$

(8,318)

​

​

​

每股盈利（虧損）

以下表格總結了我們的每股收益（EPS）：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三個月

​

截至九月三十日的九個月

​

    

2024

    

2023

    

2024

    

2023

繼續營運所得(損失)

​

$

(14,147)

​

$

33,651

​

$

7,244

​

$

92,858

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基本加權平均普通股份流通量

​

 

37,532

​

 

37,575

​

 

37,455

​

 

37,541

股票獎勵的稀釋效應

​

 

—

​

 

279

​

 

330

​

 

301

稀釋加權平均普通股股份

​

 

37,532

​

 

37,854

​

 

37,785

​

 

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

來自持續營運的每股盈利

​

 

  

​

 

  

​

 

  

​

 

  

基本每股收益

​

$

(0.38)

​

$

0.90

​

$

0.19

​

$

2.47

攤薄後每股收益

​

$

(0.38)

​

$

0.89

​

$

0.19

​

$

2.45

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

以上未包括反稀釋股份

​

​

​

​

​

​

​

​

​

​

​

​

股票獎勵

​

​

371

​

​

27

​

​

4

​

​

84

認股證

​

​

3,076

​

​

3,180

​

​

3,212

​

​

3,180

總抵減稀釋股份

​

​

3,447

​

​

3,207

​

​

3,216

​

​

3,264

​

我們通過將普通股股東可得收入（損失）除以期間內普通股股東的加權平均持股數，計算普通股基本每股收益（“基本EPS”）

​

請查看 附註18. 長期負債 請參閱我們於2023年12月31日結束的年度報告第10-k表上有關我們可轉換票據、票據避險和認股權證的信息以獲取關於普通股每股稀釋收益（“攤薄後每股收益”）的資訊，我們將根據需要將期間內普通股的加權平均持股數進行相應增加， 包括以下內容：

●如果我們未派發的股票獎勵利用庫藏股法轉換為普通股，可能會有的附加普通股，我們將排除具有發行稀釋效應的任何股票獎勵；

14

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

●Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. When the stock price is lower than the strike price, there is no dilutive or anti-dilutive impact. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46 but below $179.76; and
●Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the $179.76 exercise price of the Warrants exceeded the average market price of our common stock.

Share Repurchase

To repurchase shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands, except per share amounts)

    

2024

    

2023

    

2024

    

2023

    

Amount paid or accrued to repurchase shares

​

$

1,770

​

$

40,000

​

$

1,770

​

$

40,000

​

Number of shares repurchased

​

 

19

​

 

378

​

 

19

​

 

378

​

Average repurchase price per share

​

$

93.58

​

$

105.74

​

$

93.58

​

$

105.74

​

​

At September 30, 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.

​

​

NOTE 6.     FAIR VALUE MEASUREMENTS

The following tables present information about our assets and liabilities measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

Description

​

Balance Sheet Classification

​

Level 1

​

Level 2

​

Level 3

​

Total
Fair Value

Certificates of deposit

​

Other current assets

​

$

—

​

​

157

​

​

—

​

$

157

Foreign currency forward contracts

​

Other accrued expenses

​

$

—

​

​

168

​

​

—

​

$

168

Investments

​

Other assets

​

$

—

​

​

9,668

​

​

—

​

$

9,668

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

Description

​

Balance Sheet Classification

​

Level 1

  

Level 2

  

Level 3

  

Total
Fair Value

Certificates of deposit

​

Other current assets

​

$

—

​

​

163

​

​

—

​

$

163

Interest rate swaps

​

Other assets

​

$

—

​

​

6,995

​

​

—

​

$

6,995

Investments

​

Other assets

​

$

—

​

​

5,952

​

​

—

​

$

5,952

​

​

15

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 7.    DERIVATIVE FINANCIAL INSTRUMENTS

Changes in foreign currency exchange rates impact our results of operations and cash flows. We may manage these risks through the use of derivative financial instruments, primarily forward contracts with banks. These forward contracts manage the exchange rate risk associated with assets and liabilities denominated in nonfunctional currencies. Typically, we execute these derivative instruments for one-month periods and do not designate them as hedges; however, they do partially offset the economic fluctuations of certain of our assets and liabilities due to foreign exchange rate changes.

At September 30, 2024 we have $105.9 million foreign currency forward contracts outstanding. There were no foreign currency forward contracts outstanding at December 31, 2023.

Gains and losses related to foreign currency exchange contracts were offset by corresponding gains and losses on the revaluation of the underlying assets and liabilities. Both are included as a component of other income (expense), net in our Consolidated Statements of Operations.

We had interest rate swap contracts that fixed a portion of the interest payments on our Term Loan Facility. The interest rate swap contracts expired on September 10, 2024. In connection with the expiration, there are no longer any related balances for these contracts within accumulated other comprehensive income on the Consolidated Balance Sheets as of September 30, 2024. See Note 16. Long-Term Debt for information regarding the Term Loan Facility.

See Note 6. Fair Value Measurements for information regarding fair value of derivative instruments.

As a result of using derivative financial instruments, we are exposed to the risk that counterparties to contracts could fail to meet their contractual obligations. We manage this credit risk by reviewing counterparty creditworthiness on a regular basis and limiting exposure to any single counterparty.

​

NOTE 8.    ACCOUNTS RECEIVABLE, NET

We record accounts receivable at net realizable value. Our accounts receivable, net balance on the Consolidated Balance Sheets was $259.4 million at September 30, 2024. The following table summarizes the changes in expected credit losses related to receivables:

​

​

​

​

​

December 31, 2023

   

$

1,762

Additions

​

 

94

Deductions - write-offs, net of recoveries

​

​

(399)

September 30, 2024

​

$

1,457

​

​

​

​

​

NOTE 9.    INVENTORIES

We value inventories at the lower of cost or net realizable value, computed on a first-in, first-out basis. Components of inventories were as follows:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Parts and raw materials

​

$

273,793

​

$

249,698

Work in process

​

 

19,502

​

 

14,595

Finished goods

​

 

84,445

​

 

71,844

Total

​

$

377,740

​

$

336,137

​

​

16

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 10.    INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

    

Gross Carrying 

    

Accumulated 

    

Net Carrying 

    

Weighted Average Remaining

​

​

Amount

​

Amortization

​

Amount

 

Useful Life (in years)

Technology

​

$

100,988

​

$

(69,407)

​

$

31,581

​

7.1

Customer relationships

​

 

170,486

​

​

(68,944)

​

 

101,542

​

8.8

Trademarks and other

​

 

27,219

​

​

(15,052)

​

 

12,167

​

4.9

Total

​

$

298,693

​

$

(153,403)

​

$

145,290

​

8.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

    

Gross Carrying 

    

Accumulated 

    

Net Carrying

​

Weighted Average Remaining

​

​

Amount

​

Amortization

​

 Amount

​

Useful Life (in years)

Technology

​

$

97,961

​

$

(60,412)

​

$

37,549

​

6.8

Customer relationships

​

 

168,685

​

​

(58,835)

​

 

109,850

​

9.5

Trademarks and other

​

 

27,141

​

​

(13,062)

​

 

14,079

​

5.6

Total

​

$

293,787

​

$

(132,309)

​

$

161,478

​

8.5

​

Amortization expense related to intangible assets is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Amortization expense

​

$

6,772

​

$

7,049

​

$

20,519

​

$

21,186

​

​

Estimated future amortization expense related to intangibles is as follows:

​

​

​

​

​

Year Ending December 31, 

    

​

​

2024 (remaining)

​

$

5,573

2025

​

 

22,148

2026

​

 

20,063

2027

​

 

17,815

2028

​

​

16,569

Thereafter

​

 

63,122

Total

​

$

145,290

​

​

​

​

​

The following table summarizes the changes in goodwill:

​

​

​

​

​

December 31, 2023

​

$

283,840

Additions from acquisition

​

​

16,601

Foreign currency translation and other

​

​

(1,405)

September 30, 2024

    

$

299,036

​

​

​

​

17

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 11.    RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

Details of restructuring, asset impairments, and other charges are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

2024

​

2023

    

2024

​

2023

​

Restructuring

    

$

27,790

​

$

4,709

​

$

27,844

​

$

8,906

​

Other charges

​

​

756

​

​

—

​

​

1,572

​

​

—

​

Total restructuring, asset impairments, and other charges

​

$

28,546

 

$

4,709

 

$

29,416

 

$

8,906

​

​

Restructuring

We have the following restructuring plans in process:

2024 Plan

On July 29, 2024, we approved actions in furtherance of our previously announced manufacturing consolidation initiatives intended to optimize our manufacturing footprint and cost structure, including the previously announced closure of our Zhongshan, China facility (the “2024 Plan”). In connection with the 2024 Plan, we recorded a $28.5 million charge during the third quarter of 2024 primarily associated with expected employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes, and other ancillary costs. The charge includes estimated liabilities for lease termination and facility exit costs, which could be subject to further adjustments. The remaining contractual rental obligations under the lease agreements are recorded in current portion of operating lease liabilities and operating lease liabilities on our Consolidated Balance Sheets.

We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods. We anticipate the 2024 Plan will be substantially completed by the second quarter of 2025, with final activities concluding in 2026.

2023 Plan

In 2023, we approved a plan intended to optimize and further consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align our expenses to revenue levels (the “2023 Plan”). We expect to incur approximately $1.0 million in additional charges through the second quarter of 2025. We anticipate the 2023 Plan will be substantially completed by the end of 2024, with the final activities concluding in the second quarter of 2025.

2022 Plan

This plan was approved to improve our operating efficiencies and drive the realization of synergies from our business combinations by consolidating our operations, optimizing our factory footprint, including moving certain production into our higher volume factories, reducing redundancies, and lowering our cost structure. The 2022 Plan is now complete.

18

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

Changes in restructuring liabilities were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024 Plan

    

2023 Plan

    

2022 Plan

    

Other

    

Total

December 31, 2023

​

$

—

​

$

14,224

​

$

2,930

​

$

188

​

$

17,342

Costs incurred and charged to expense

​

​

28,454

​

​

(698)

​

​

88

​

​

—

​

​

27,844

Costs paid

​

​

(855)

​

​

(7,653)

​

​

(3,018)

​

​

(188)

​

​

(11,714)

Foreign currency translation

​

​

457

​

​

—

​

​

—

​

​

—

​

​

457

September 30, 2024

​

$

28,056

​

$

5,873

​

$

—

​

$

—

​

$

33,929

​

$28.3 million of the above restructuring liability is included in other accrued expenses and $5.6 million is included in other long-term liabilities on our Consolidated Balance Sheets.

Charges related to our restructuring plans are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Severance and related charges

    

$

27,356

    

$

4,709

    

$

27,410

    

$

8,906

​

Facility relocation and closure charges

​

​

434

 

​

—

 

​

434

 

​

—

​

Total restructuring charges

​

$

27,790

 

$

4,709

 

$

27,844

 

$

8,906

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Cost Through

​

​

September 30, 2024

​

    

2024 Plan

    

2023 Plan

    

2022 Plan

    

Total

Severance and related charges

    

$

28,020

​

$

16,405

​

$

14,075

​

$

58,500

Facility relocation and closure charges

​

​

434

​

​

—

​

​

—

​

​

434

Total restructuring charges

​

$

28,454

​

$

16,405

​

$

14,075

​

$

58,934

​

Other Charges

Other charges relate to vacating and relocating facilities.

​

​

​

NOTE 12.    WARRANTIES

Our sales agreements include customary product warranty provisions, which generally range from 12 to 36 months after shipment. We record the estimated warranty obligations cost when we recognize revenue. This estimate is based on historical experience by product and configuration.

We include warranty obligation in other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation were as follows:

​

​

​

​

​

December 31, 2023

​

$

4,007

Net increases to accruals

​

 

2,088

Warranty expenditures

​

 

(1,640)

Effect of changes in exchange rates

​

 

155

September 30, 2024

​

$

4,610

​

​

​

19

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 13.    LEASES

Components of total operating lease cost were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2024

    

2023

    

2024

    

2023

Operating lease cost

​

$

5,859

​

$

5,629

​

$

17,575

​

$

16,965

Short-term and variable lease cost

​

​

897

​

​

1,100

​

​

2,474

​

​

3,170

Total operating lease cost

​

$

6,756

​

$

6,729

​

$

20,049

​

$

20,135

​

Estimated future payments on our operating lease liabilities are as follows:

​

​

​

​

​

Year Ending December 31,

    

​

​

2024 (remaining)

​

$

6,127

2025

​

 

22,557

2026

​

 

17,077

2027

​

​

13,616

2028

​

​

13,171

Thereafter

​

​

50,930

Total lease payments

​

​

123,478

Less: Interest

​

​

(24,854)

Present value of lease liabilities

​

$

98,624

​

In addition to the above, we have lease agreements with total payments of $32.8 million that commence on various dates in 2024 and 2025 and extend through 2040.

In connection with the closure of our Zhongshan, China facility under the 2024 Plan (see Note 11. Restructuring, Asset Impairments, and Other Charges), we expect to terminate the facility’s lease agreement before its expiration. During the third quarter of 2024, we reduced both the operating lease right-of-use asset and operating lease liability by $20.7 million.

The following tables present additional information about our lease agreements:

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

​

December 31, 

​

​

    

2024

    

    

2023

​

Weighted average remaining lease term (in years)

​

​

7.8

​

​

​

8.3

​

Weighted average discount rate

​

 

5.5

%

​

​

5.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

    

2023

    

2024

    

2023

    

Cash paid for operating leases

$

5,823

​

$

5,683

​

$

17,476

​

$

17,290

​

Right-of-use assets obtained in exchange for operating lease liabilities

$

7,367

​

$

9,271

​

$

25,784

​

$

11,900

​

​

​

​

​

​

20

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 14.    STOCK-BASED COMPENSATION

The Compensation Committee of our Board of Directors administers our stock plans. As of September 30, 2024, we had two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the “2023 Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”). The 2023 Incentive Plan was approved by stockholders on April 27, 2023 and amended and restated on November 2, 2023. We issue all new equity compensation grants under the 2023 Incentive Plan; however, outstanding awards previously issued under now inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans.

The 2023 Incentive Plan provides for the grant of awards including stock options, stock appreciation rights, performance stock units, performance units, stock, restricted stock, restricted stock units, and cash incentive awards.

The following table summarizes information related to our stock-based incentive compensation plans:

​

​

​

​

​

​

September 30, 2024

Shares available for future issuance under the 2023 Incentive Plan

​

1,809

Shares available for future issuance under the ESPP

​

556

​

Stock-Based Compensation Expense

We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. During the nine months ended September 30, 2024, stock-based compensation expense includes $1.8 million related to a modification for accounting purposes of prior awards. Stock-based compensation was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

    

Stock-based compensation expense

​

$

11,914

​

$

8,075

​

$

34,303

​

$

22,813

​

​

See Note 2. Acquisitions for information regarding future stock-based compensation expense related to the Airity acquisition.

Restricted Stock Units

Generally, we grant restricted stock units (“RSUs”) with a three year time-based vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based vesting requirements. RSUs are generally granted with a grant date fair value based on the market price of our stock on the date of grant.

​

Changes in our RSUs were as follows:

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

​

    

Weighted-

​

​

​

​

Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

RSUs outstanding at beginning of period

 

917

​

$

85.96

RSUs granted

 

546

​

$

104.79

RSUs vested

 

(286)

​

$

90.22

RSUs forfeited

 

(87)

​

$

77.73

RSUs outstanding at end of period

 

1,090

​

$

94.92

​

21

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

Stock Options

Generally, we grant stock option awards with an exercise price equal to the market price of our stock at the date of grant and with either a three or four-year vesting schedule or performance-based vesting. Stock option awards generally have a term of ten years.

Changes in our stock options were as follows:

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

​

    

Weighted-

​

​

​

​

Average

​

​

Number of

​

Exercise Price

​

​

Options

​

per Share

Options outstanding at beginning of period

 

89

​

$

76.69

Options exercised

 

(10)

​

$

26.32

Options outstanding at end of period

 

79

​

$

83.05

​

​

​

NOTE 15.    COMMITMENTS AND CONTINGENCIES

We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in intellectual property litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third party intellectual property rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred, and the amount of such loss can be reasonably estimated. We are not currently a party to any legal action that we believe would have a material adverse impact on our business, financial condition, results of operations or cash flows.

We maintain defined benefit pension plans for certain of our non-U.S. employees, including the United Kingdom. In light of the United Kingdom’s High Court ruling in the case of Virgin Media Ltd v. NTL Pension Trustees II Ltd & Ors, which was recently upheld on appeal, we are reviewing past amendments made to our United Kingdom pension plans to evaluate whether any changes were implemented in conflict with section 37 of the United Kingdom Pension Schemes Act 1993. Should there be a challenge to any previous amendments to our pension plan in the United Kingdom, we could face potential litigation and compliance risks. We continue to account for our United Kingdom pension arrangements in accordance with the plan agreements and amendments, as we believe they represent a mutual understanding and agreement among all parties.

​

​

22

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 16. LONG-TERM DEBT

Long-term debt on our Consolidated Balance Sheets consists of the following:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Convertible Notes due 2028

​

$

575,000

​

$

575,000

Term Loan Facility

​

​

—

​

​

355,000

Gross long-term debt, including current maturities

​

​

575,000

​

​

930,000

Less: debt discount

​

​

(11,000)

​

​

(14,321)

Net long-term debt, including current maturities

​

​

564,000

​

​

915,679

Less: current maturities

​

​

—

​

​

(20,000)

Net long-term debt

​

$

564,000

​

$

895,679

​

For all periods presented, we were in compliance with the covenants under all debt agreements.

The following table summarizes interest expense related to our debt:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Interest expense

​

$

5,736

​

$

3,528

​

$

18,403

​

$

8,818

​

Amortization of debt issuance costs

​

​

794

​

​

245

​

​

2,469

​

​

509

​

Capitalized interest

​

​

(157)

​

​

—

​

​

(428)

​

​

—

​

Total interest expense related to debt

​

$

6,373

​

$

3,773

​

$

20,444

​

$

9,327

​

​

Credit Agreement

Our credit agreement dated as of September 10, 2019, as amended (the “Credit Agreement”) consist of a senior unsecured term loan facility (“Term Loan Facility”) and a senior unsecured revolving facility (“Revolving Facility”), both maturing on September 9, 2026. On September 9, 2024, we entered into an amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million. This amendment was in connection with the concurrent prepayment, using existing cash on hand, of the full $345.0 million outstanding principal balance under our Term Loan Facility.

For all periods presented, no amounts were outstanding on the Revolving Facility. The following table summarizes our availability to withdraw on the Revolving Facility:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Available capacity on Revolving Facility

​

$

600,000

​

$

200,000

​

In addition to our available capacity on the Revolving Facility, prior to the maturity date of the Credit Agreement, we may request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million. Any requested increase is subject to lender approval.

​

The interest rate swap contracts previously entered into relative to the Term Loan Facility expired on September 10, 2024. Should we have future borrowings under the Term Loan Facility or Revolving Facility, they will bear interest, at our option, at a rate based on the Base Rate or SOFR, as defined in the Credit Agreement, plus an applicable margin.

Convertible Senior Notes due 2028

On September 12, 2023, we completed a private, unregistered offering of $575.0 million aggregate principal amount of 2.50% convertible senior notes due 2028 (“Convertible Notes”).

23

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

The $564.0 million remaining outstanding principal amount of the Convertible Notes, net of unamortized issuance costs, continues to be classified as long-term debt as none of the conversion triggers occurred as of September 30, 2024. The redemption price is 100% of the principal amount plus accrued and unpaid interest. The Convertible Notes mature on September 15, 2028, unless earlier repurchased, redeemed, or converted. Interest is payable semi-annually in arrears in March and September.

Concurrent with the Convertible Notes issuance, we entered into hedges and sold warrants with respect to our common stock. In combination, the hedges and warrants synthetically increase the initial conversion price on the Convertible Notes from $137.46 to $179.76, reducing the potential dilutive effect.

We use level 2 measurements to estimate the fair value of our debt. As of September 30, 2024, we estimate the fair value of our Convertible Notes to be $598.2 million.

​

NOTE 17. SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES

Certain of our cash and non-cash activities were as follows:

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

2024

    

2023

​

Non-cash investing activities:

​

​

​

​

​

​

​

Capital expenditures in accounts payable and other accrued expenses

​

$

7,200

​

$

7,699

​

Cash paid for:

​

​

​

​

​

​

​

Interest expense

​

$

17,975

​

$

8,060

​

Income taxes

​

$

29,041

​

$

45,040

​

Cash received from income taxes

​

$

1,627

​

$

828

​

Depreciation expense

​

$

31,305

​

$

28,578

​

​

​

​

​

​

24

Table of Contents

ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This management discussion and analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the “SEC”) on February 20, 2024 (the “2023 Form 10-K”).

Special Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “report”) contains, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations, and plans are forward-looking statements, as are statements that certain actions, conditions, events, or circumstances will continue. The inclusion of words such as “anticipate,” “expect,” “estimate,” “can,” “may,” “might,” “continue,” “enable,” “plan,” “intend,” “should,” “could,” “would,” “will,” “likely,” “potential,” “believe,” and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions. These forward-looking statements are based upon information available as of the date of this report and management’s current estimates, forecasts, and assumptions. Although we believe that our expectations reflected in or suggested by these forward-looking statements are reasonable, we may not achieve the results, performance, plans, or objectives expressed or implied by such forward-looking statements. Forward-looking statements involve risks and uncertainties, which are difficult to predict and many of which are beyond our control.

Risks and uncertainties to which our forward-looking statements are subject include:

●volatility and business fluctuations in the industries in which we compete;
●our ability to achieve design wins with new and existing customers;
●our ability to accurately forecast and meet customer demand;
●risks related to global economic conditions, such as the impact of escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, or recession;
●risks inherent in our international operations, including the effect of trade and export controls, political and geographical risks, the impact of tariffs on our supply or products, and fluctuations in currency exchange rates;
●concentration of our customer base;
●risks associated with breach of our information security measures;
●our loss of or inability to attract and retain key personnel;
●disruptions to our manufacturing operations or those of our customers or suppliers;
●risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products;
●our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions;
●quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves;
●our ability to enforce, protect and maintain our proprietary technology and intellectual property rights;
●our ability to achieve cost savings, profitability, and gross margin goals;
●changes to tax laws and regulations or our tax rates;

25

Table of Contents

●changes in federal, state, local and foreign regulations, including with respect to privacy and data protection, and environmental regulation;
●effect of our debt obligations and restrictive covenants on our ability to operate our business;
●customer price sensitivity;
●risks related to our unfunded pension obligations;
●restructuring and severance activities;
●legal matters, claims, investigations, and proceedings;
●our estimates of the fair value of intangible assets; and
●the potential impact of dilution related to our convertible debt, hedge, and warrant transactions.

Actual results could differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Factors that could contribute to these differences or prove our forward-looking statements, by hindsight, to be overly optimistic or unachievable include, but are not limited to, the risks and uncertainties listed above and described in Part I, Item 1A in the 2023 Form 10-K. We assume no obligation to update any forward-looking statement or provide the reasons why our actual results might differ.

​

​

26

Table of Contents

BUSINESS AND MARKET OVERVIEW

Company Overview

Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell and support precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment. Many of our products enable customers to reduce or optimize their energy consumption through increased power conversion efficiency, power density, power coupling, and process control across a wide range of applications.

We are organized on a global, functional basis and operate as a single segment of power electronics conversion products. Within this segment, our products are sold into the Semiconductor Equipment, Industrial and Medical, Data Center Computing, and Telecom and Networking markets.

Recent Events

Airity Acquisition

On June 20, 2024, we acquired Airity Technologies, Inc. (“Airity”), which is based in Redwood City, California. This acquisition adds high voltage power conversion technologies and products, which broadens our range of targeted applications within our Semiconductor Equipment and Industrial and Medical markets. See Note 2. Acquisitions in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

2024 Restructuring Plan

In July 2024, we approved further manufacturing consolidation initiatives, including the previously announced closure of our Zhongshan, China facility. In connection with the 2024 Plan, we recorded a $28.5 million charge primarily associated with expected employment-related charges and facility exit costs. We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods. For additional information, see Note 11. Restructuring, Asset Impairments, and Other Charges in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

Credit Agreement Amendment

On September 9, 2024, we used existing cash on hand to prepay the full $345.0 million outstanding principal balance under our Term Loan Facility. As of September 30, 2024, our only outstanding debt is the Convertible Notes due in 2028. On the same date, we entered into an additional amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million. See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for additional information.

Product and Services

Our precision power products and solutions are designed to enable new process technologies, improve productivity, lower the cost of ownership, and provide critical power capabilities for our customers. These products are designed to meet our customers’ demanding requirements in efficiency, flexibility, performance, and reliability. We also provide repair and maintenance services for our products.

Our plasma power products offer solutions to enable innovation in complex semiconductor and thin film plasma processes such as dry etch and deposition. Our broad portfolio of high and low voltage power products is used in a wide range of applications, such as semiconductor equipment, industrial production, medical and life science equipment, data center computing, networking, and telecommunications. We also supply related sensing, controls, and instrumentation products primarily for advanced measurement and calibration of power and temperature for multiple industrial markets.

27

Table of Contents

Our network of global service support centers provides repair services, calibration, conversions, upgrades, refurbishments, and used equipment to companies that use our products.

End Markets Summary

The demand environment in each of our markets is impacted by macroeconomic conditions, various market trends, customer buying patterns, design wins, and other factors. Although we are currently experiencing a lower demand environment in certain markets, we continue to believe that the long-term market growth drivers support our long-term strategy, research and development efforts, and capital investments. However, in the short-term it is unclear how certain macroeconomic conditions, including the effect of higher interest rates impacting end customers’ capital investment, the timing of inventory digestion, and customer buying patterns, will affect customer demand and our revenue.

Semiconductor Equipment Market

The Semiconductor Equipment market is slowly recovering from a cyclical downturn, which began in the fourth quarter of 2022. Since the market bottomed in 2023, demand had modestly recovered in the first nine months of 2024, but a number of external factors continued to limit the market, including unfavorable macroeconomic conditions, prolonged weak demand for consumer electronics, low fab utilization, and U.S. export restrictions to China.

We continue to believe the long-term growth drivers will support cyclical growth for this market as more manufacturing capacity is needed to support increasing demand for semiconductor devices and related capital equipment.

Industrial and Medical Market

Beginning in the second half of 2023, the impact of weaker macroeconomic conditions started to impact demand for our products in the Industrial and Medical Market. In addition, in the first nine months of 2024, elevated inventory levels of our products following the supply chain crisis and extended lead times resulted in high levels of inventory rebalancing by our customers. We expect these factors will continue to limit our revenue levels in the near term, but we believe the long-term growth drivers will enable growth to return to this market after end markets recover and our customer inventories return to normal levels.

​

Data Center Computing Market

The Data Center Computing Market experienced weak demand starting in the first quarter of 2023 and continued until the first quarter of 2024, driven by reduced investments of our hyperscale customers, lower demand for Enterprise systems and the timing impact of large customer orders on our revenues. Starting in the second quarter of 2024, demand rebounded from both our hyperscale and enterprise customers, driven by accelerated investments in artificial intelligence and improved demand in the traditional server market, which we expect to continue for several quarters.

Telecom and Networking Market

Starting in 2023, leading companies in both the telecom and networking markets reported weakening demand. However, improved supply of critical components in 2023 drove higher customer orders and more than offset weakening market conditions, which continued in 2024. As end demand softens and customers rebalance their elevated inventory levels of our products, demand for our products declined meaningfully in the first nine months of 2024, which we expect to continue for several quarters.

​

​

28

Table of Contents

Results of Continuing Operations

The analysis presented below is organized to provide the information we believe will be helpful for an understanding of our historical performance and relevant trends going forward and should be read in conjunction with our “Unaudited Consolidated Financial Statements” in Part I, Item 1 of this report, including the notes thereto. Also included in the following analysis are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). A reconciliation of the non-GAAP measures to U.S. GAAP is provided below.

The following table sets forth certain data derived from our Consolidated Statements of Operations (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

    

​

Nine Months Ended September 30, 

​

​

​

2024

​

​

2023

​

​

2024

​

​

2023

  

Revenue

  

$

374,217

    

100.0

%

  

$

409,991

  

100.0

%

  

$

1,066,639

  

100.0

%

  

$

1,250,539

  

100.0

%

Gross profit

​

 

134,068

​

35.8

​

​

 

147,341

​

35.9

​

​

 

374,638

​

35.1

​

​

 

449,532

​

35.9

​

Operating expenses

​

 

145,116

​

38.8

​

​

 

117,280

​

28.6

​

​

 

372,041

​

34.9

​

​

 

349,608

​

28.0

​

Operating income (loss) from continuing operations

​

 

(11,048)

​

(3.0)

​

​

 

30,061

​

7.3

​

​

 

2,597

​

0.2

​

​

 

99,924

​

8.0

​

Interest income

​

​

11,018

​

2.9

​

​

​

6,396

​

1.6

​

​

​

35,782

​

3.4

​

​

​

14,282

​

1.1

​

Interest expense

​

​

(6,378)

​

(1.7)

​

​

​

(3,780)

​

(0.9)

​

​

​

(20,461)

​

(1.9)

​

​

​

(9,368)

​

(0.7)

​

Other income (expense), net

​

 

(8,139)

​

(2.2)

​

​

 

1,848

​

0.5

​

​

 

(6,122)

​

(0.6)

​

​

 

1,425

​

0.1

​

Income (loss) from continuing operations, before income tax

​

 

(14,547)

​

(3.9)

​

​

 

34,525

​

8.4

​

​

 

11,796

​

1.1

​

​

 

106,263

​

8.5

​

Income tax provision (benefit)

​

 

(400)

​

(0.1)

​

​

 

874

​

0.2

​

​

 

4,552

​

0.4

​

​

 

13,405

​

1.1

​

Income (loss) from continuing operations

​

$

(14,147)

​

(3.8)

%

​

$

33,651

​

8.2

%

​

$

7,244

​

0.7

%

​

$

92,858

​

7.4

%

​

29

Table of Contents

Revenue

The following tables summarize net sales and percentages of net sales, by markets (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

​

Change 2024 v. 2023

​

​

    

2024

​

    

2023

  

   

Dollar

    

Percent

​

Semiconductor Equipment

​

$

197,497

    

52.8

%

​

$

185,033

    

45.1

%

​

$

12,464

 

6.7

%

Industrial and Medical

​

 

76,837

​

20.5

​

​

 

115,226

​

28.1

​

​

 

(38,389)

 

(33.3)

%

Data Center Computing

​

​

80,653

​

21.6

​

​

​

68,286

​

16.7

​

​

​

12,367

​

18.1

%

Telecom and Networking

​

 

19,230

​

5.1

​

​

 

41,446

​

10.1

​

​

 

(22,216)

 

(53.6)

%

Total

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

(35,774)

 

(8.7)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

Change 2024 v. 2023

​

​

​

2024

​

    

2023

  

  

Dollar

    

Percent

​

Semiconductor Equipment

​

$

565,721

    

53.0

%

​

$

552,419

    

44.2

%

​

$

13,302

 

2.4

%

Industrial and Medical

​

 

239,359

​

22.4

​

​

 

365,849

​

29.3

​

​

 

(126,490)

 

(34.6)

%

Data Center Computing

​

​

195,519

​

18.3

​

​

​

187,021

​

15.0

​

​

​

8,498

 

4.5

%

Telecom and Networking

​

 

66,040

​

6.3

​

​

 

145,250

​

11.5

​

​

 

(79,210)

 

(54.5)

%

Total

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

$

(183,900)

 

(14.7)

%

​

Total revenues in the three month period decreased from the same period in the prior year due to customer inventory rebalancing, resulting in lower demand in our Industrial and Medical and Telecom and Networking markets. This offset a modest revenue recovery in the Semiconductor Equipment market from the trough level a year ago and a demand recovery in the Data Center Computing market.

Total revenues in the nine month period decreased from the same periods in the prior year due primarily to customer inventory rebalancing, resulting in lower demand in our Industrial and Medical and Telecom and Networking markets. The Semiconductor Equipment market modestly recovered from the cyclical trough in 2023, and revenue in the Data Center Computing market was impacted by weak demand in the first quarter followed by a rebound beginning in the second and third quarter driven by investments in artificial intelligence.

​

30

Table of Contents

Revenue by Market

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Semiconductor Equipment

​

$

197,497

​

$

185,033

​

$

12,464

 

6.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Semiconductor Equipment

​

$

565,721

​

$

552,419

​

$

13,302

 

2.4

%

​

The increase in Semiconductor Equipment revenue for the three month period was primarily due to improved demand for our products compared to the same period in the prior year. The revenue for the nine month period modestly increased from the cyclical trough in 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Industrial and Medical

​

$

76,837

​

$

115,226

​

$

(38,389)

 

(33.3)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Industrial and Medical

​

$

239,359

​

$

365,849

​

$

(126,490)

 

(34.6)

%

​

The decrease in Industrial and Medical revenues for both the three and nine month periods was primarily due to lower demand and customers working down their elevated inventories compared to a record year in 2023 and shortened lead times following the supply chain crisis.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Data Center Computing

​

$

80,653

​

$

68,286

​

$

12,367

 

18.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Data Center Computing

​

$

195,519

​

$

187,021

​

$

8,498

 

4.5

%

​

The increase in Data Center Computing revenue for the three and nine month periods was due to increased hyperscale investments mostly driven by artificial intelligence adoption, and, to a lesser degree, a recovery in demand for traditional enterprise servers.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Telecom and Networking

​

$

19,230

​

$

41,446

​

$

(22,216)

 

(53.6)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Telecom and Networking

​

$

66,040

​

$

145,250

​

$

(79,210)

 

(54.5)

%

​

31

Table of Contents

The decrease in Telecom and Networking revenues for both the three and nine month periods was due to the prior year benefit of improved supply of critical components. This enabled fulfillment of outstanding orders in 2023, which did not continue in 2024. In addition, we experienced a slow demand environment and inventory rebalancing from our customers, which we expect to continue.

Gross Profit and Gross Margin

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Gross profit

​

$

134,068

​

$

147,341

​

$

(13,273)

 

(9.0)

%

Gross margin

​

​

35.8

%

​

35.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Gross profit

​

$

374,638

​

$

449,532

​

$

(74,894)

​

(16.7)

%

Gross margin

​

​

35.1

%

​

35.9

%

​

​

​

​

​

​

For both the three and nine month periods, the decrease in gross profit was largely due to the decline in revenue and higher operating costs based on investments made in 2023. Gross margin declined in both periods due to the decline in volume, which drove manufacturing utilization lower. This was partially offset by more favorable product mix, savings realized from our restructuring programs, and lower premiums paid for scarce parts.

Operating Expenses

The following table summarizes our operating expenses (in thousands) and as a percentage of revenue:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

​

    

2024

​

  

2023

​

Research and development

​

$

53,561

    

14.3

%

  

$

50,391

    

12.3

%

Selling, general, and administrative

​

 

56,237

​

15.0

​

​

 

55,131

​

13.4

​

Amortization of intangible assets

​

​

6,772

​

1.8

​

​

​

7,049

​

1.7

​

Restructuring, asset impairments, and other charges

​

 

28,546

​

7.6

​

​

 

4,709

​

1.1

​

Total operating expenses

​

$

145,116

​

38.8

%

  

$

117,280

​

28.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

    

2024

​

  

2023

​

Research and development

​

$

155,732

    

14.6

%

  

$

153,414

    

12.3

%

Selling, general, and administrative

​

 

166,374

​

15.6

​

​

 

166,102

​

13.3

​

Amortization of intangible assets

​

​

20,519

​

1.9

​

​

​

21,186

​

1.7

​

Restructuring, asset impairments, and other charges

​

 

29,416

​

2.8

​

​

 

8,906

​

0.7

​

Total operating expenses

​

$

372,041

​

34.9

%

  

$

349,608

​

28.0

%

​

​

​

32

Table of Contents

Research and Development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Research and development

​

$

53,561

​

$

50,391

​

$

3,170

 

6.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

(in thousands)

Research and development

​

$

155,732

​

$

153,414

​

$

2,318

 

1.5

%

​

During the three and nine month periods we experienced an increase in R&D related to higher stock-based compensation expense as well as higher program and materials cost compared to the same periods in the prior year. This was partially offset by lower variable compensation cost.

Selling, General and Administrative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Selling, general, and administrative

​

$

56,237

​

$

55,131

​

$

1,106

 

2.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Selling, general, and administrative

​

$

166,374

​

$

166,102

​

$

272

 

0.2

%

​

Selling, general, and administrative expense remained constant due to actions taken to control costs, including headcount reduction and lower variable employee compensation, partially offset by higher stock-based compensation cost.

Amortization of Intangibles Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Amortization of intangible assets

​

$

6,772

​

$

7,049

​

$

(277)

 

(3.9)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Amortization of intangible assets

​

$

20,519

​

$

21,186

​

$

(667)

 

(3.1)

%

​

Amortization expense remained constant. We acquired new intangible assets in the Airity acquisition, but this was offset by certain other intangible assets reaching the end of their estimated useful life.

​

33

Table of Contents

Restructuring, Asset Impairments and Other Charges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Restructuring, asset impairments, and other charges

​

$

28,546

​

$

4,709

​

$

23,837

 

506.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Restructuring, asset impairments, and other charges

​

$

29,416

​

$

8,906

​

$

20,510

 

230.3

%

​

The increase in restructuring, asset impairments, and other charges is primarily driven by the timing of our restructuring plan decisions.

2024 Plan

In July 2024, we approved further manufacturing consolidation initiatives, including the previously announced closure of our Zhongshan, China facility. In connection with the 2024 Plan, we recorded a $28.5 million charge primarily associated with expected employment-related charges and facility exit costs. We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods.

For additional information about this and prior year restructuring plans, see Note 11. Restructuring, Asset Impairments, and Other Charges in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

​

34

Table of Contents

Interest Income, Interest Expense, and Other Income (Expenses), net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Interest income

​

$

11,018

​

$

6,396

​

$

4,622

 

72.3

%

Interest expense

​

$

(6,378)

​

$

(3,780)

​

$

(2,598)

 

68.7

%

Other income (expense), net

​

$

(8,139)

​

$

1,848

​

$

(9,987)

 

540.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Interest income

​

$

35,782

​

$

14,282

​

$

21,500

 

150.5

%

Interest expense

​

$

(20,461)

​

$

(9,368)

​

$

(11,093)

 

118.4

%

Other income (expense), net

​

$

(6,122)

​

$

1,425

​

$

(7,547)

 

529.6

%

​

We experienced an increase in interest income on higher cash balances, due in part to proceeds from the issuance of the Convertible Notes in the third quarter of 2023, our ability to concentrate cash in investment accounts, and higher short term market interest rates.

Interest expense increased due to interest associated with the Convertible Notes and a higher interest rate on the portion of our Term Loan Facility subject to a variable interest rate. We prepaid in full the Term Loan Facility on September 9, 2024, and the interest rate swap contracts expired on September 10, 2024. Should we have future borrowings under our Term Loan Facility or Revolving Facility, those borrowings would be subject to a variable rate.

See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for information regarding our debt.

Other income (expense), net consists primarily of foreign exchange gains and losses and other miscellaneous items. We had unrealized foreign exchange losses during the three and nine months ended September 30, 2024 compared to unrealized gains in the same periods in the prior year. Additionally, during the three months ended September 30, 2024, we incurred costs associated with foreign currency translation adjustments related to liquidated foreign operations and debt discount and fees associated with our Term Loan Facility prepayment. There were no such costs during the same periods in the prior year.

​

​

35

Table of Contents

Income Tax

The following table summarizes tax provision (benefit) (in thousands) and the effective tax rate for our income from continuing operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Income (loss) from continuing operations, before income tax

​

$

(14,547)

​

$

34,525

​

$

11,796

​

$

106,263

​

Income tax provision (benefit)

​

$

(400)

​

$

874

​

$

4,552

​

$

13,405

​

Effective tax rate

​

​

(2.7)

%

​

2.5

%

​

38.6

%

​

12.6

%

​

Our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations.

​

The previously announced Zhongshan, China factory closure impacted our effective tax rate in both the three and nine months ended September 30, 2024. For the nine months ended September 30, 2024, our effective tax rate was higher than the same period in the prior year due to smaller beneficial discrete items in the current period relative to the larger beneficial discrete items in the prior period.

​

As of January 1, 2024, the Pillar II minimum global effective tax rate of 15% enacted by the Organization for Economic Cooperation and Development (“OECD”) was effectuated. More than 140 countries agreed to enact the Pillar II global minimum tax. However, the timing of the implementation for each country varies. To date, we have determined that there was an immaterial global minimum tax liability as a result of Pillar II, as certain tax jurisdictions either will not have Pillar II enacted until after December 31, 2024 or satisfied the safe harbor test to prevent any minimum tax under Pillar II. We continue to monitor the jurisdictions for any changes and include any appropriate minimum tax throughout the year.

​

36

Table of Contents

Non-GAAP Results

Management uses non-GAAP operating income and non-GAAP earnings per share (“EPS”) to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives and make business decisions, including developing budgets and forecasting future periods. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not prepared in accordance with U.S. GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.

The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses and operating income from continuing

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

operations, excluding certain items (in thousands)

    

2024

    

2023

    

2024

    

2023

    

Gross profit from continuing operations, as reported

​

$

134,068

​

$

147,341

​

$

374,638

​

$

449,532

​

Adjustments to gross profit:

​

 

  

​

 

  

​

 

  

​

 

  

​

Stock-based compensation

​

 

1,046

​

 

615

​

 

2,931

​

 

1,587

​

Facility expansion, relocation costs and other

​

 

868

​

 

171

​

 

2,337

​

 

1,188

​

Acquisition-related costs

​

​

—

​

​

44

​

​

(13)

​

​

194

​

Non-GAAP gross profit

​

 

135,982

​

 

148,171

​

​

379,893

​

​

452,501

​

Non-GAAP gross margin

​

​

36.3%

​

 

36.1%

​

 

35.6%

​

 

36.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses from continuing operations, as reported

​

 

145,116

​

 

117,280

​

​

372,041

​

​

349,608

​

Adjustments:

​

 

  

​

 

  

​

 

  

​

 

  

​

Amortization of intangible assets

​

 

(6,772)

​

 

(7,049)

​

 

(20,519)

​

 

(21,186)

​

Stock-based compensation

​

 

(10,868)

​

 

(7,460)

​

 

(31,372)

​

 

(21,226)

​

Acquisition-related costs

​

 

(1,581)

​

 

(611)

​

 

(4,781)

​

 

(2,654)

​

Facility expansion, relocation costs and other

​

 

(488)

​

 

—

​

 

(488)

​

 

—

​

Restructuring, asset impairments, and other charges

​

 

(28,546)

​

 

(4,898)

​

 

(29,416)

​

 

(9,095)

​

Non-GAAP operating expenses

​

 

96,861

​

 

97,262

​

 

285,465

​

 

295,447

​

Non-GAAP operating income

​

$

39,121

​

$

50,909

​

$

94,428

​

$

157,054

​

Non-GAAP operating margin

​

​

10.5%

​

 

12.4%

​

 

8.9%

​

 

12.6%

​

​

37

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from continuing operations, excluding certain items

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands, except per share amounts)

    

2024

    

2023

    

2024

    

2023

​

Income (loss) from continuing operations, less non-controlling interest, net of income tax

​

$

(14,147)

​

$

33,651

​

$

7,244

​

$

92,858

​

Adjustments:

​

 

​

​

 

​

​

 

  

​

 

  

​

Amortization of intangible assets

​

 

6,772

​

 

7,049

​

 

20,519

​

 

21,186

​

Acquisition-related costs

​

 

1,581

​

 

655

​

 

4,768

​

 

2,848

​

Facility expansion, relocation costs, and other

​

 

1,356

​

 

171

​

 

2,825

​

 

1,188

​

Restructuring, asset impairments, and other charges

​

 

28,546

​

 

4,898

​

 

29,416

​

 

9,095

​

Unrealized foreign currency loss (gain)

​

​

3,993

​

​

(1,604)

​

​

691

​

​

(2,817)

​

Other costs included in other income (expense), net

​

​

3,665

​

​

(1,516)

​

​

3,665

​

​

(1,516)

​

Tax effect of non-GAAP adjustments, including certain discrete tax benefits

​

 

(4,172)

​

​

(1,101)

​

​

(5,292)

​

​

(3,273)

​

Non-GAAP income, net of income tax, excluding stock-based compensation

​

​

27,594

​

​

42,203

​

​

63,836

​

​

119,569

​

Stock-based compensation, net of tax

​

​

9,412

​

​

6,299

​

​

27,099

​

​

17,794

​

Non-GAAP income, net of income tax

​

$

37,006

​

$

48,502

​

$

90,935

​

$

137,363

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average common shares adjusted for stock awards

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands)

​

2024

    

2023

    

2024

    

2023

​

Diluted weighted-average common shares outstanding

​

​

37,532

​

​

37,854

​

​

37,785

​

​

37,842

​

Dilutive effect of stock awards

​

​

360

​

​

-

​

​

-

​

​

-

​

Non-GAAP diluted weighted-average common shares outstanding

​

​

37,892

​

​

37,854

​

​

37,785

​

​

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

Per share earnings excluding certain items

    

2024

    

2023

 

2024

    

2023

Diluted earnings (loss) per share from continuing operations, as reported

​

$

(0.38)

​

$

0.89

 

$

0.19

​

$

2.45

Add back:

​

​

​

​

​

​

​

​

​

​

​

​

Per share impact of non-GAAP adjustments, net of tax

 

​

1.36

 

​

0.39

​

​

2.22

​

​

1.18

Non-GAAP earnings per share

​

$

0.98

​

$

1.28

​

$

2.41

​

$

3.63

​

Liquidity and Capital Resources

Liquidity

Adequate liquidity and cash generation is important to the execution of our strategic initiatives. Our ability to fund our operations, acquisitions, capital expenditures, and product development efforts may depend on our ability to generate cash from operating activities, which is subject to future operating performance, as well as general economic, financial, competitive, legislative, regulatory, and other conditions, some of which may be beyond our control. Our primary sources of liquidity continue to be our available cash, cash generated from operations, and available borrowing capacity under the Revolving Facility (defined in Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements”).

38

Table of Contents

As of September 30, 2024, our cash and cash equivalents totaled $657.3 million, while our available funding under our Revolving Facility was $600.0 million. Additionally, we generated $50.3 million of cash flow from continuing operations in the nine months ended September 30, 2024. We believe our sources of liquidity will be adequate to meet anticipated debt service, share repurchase programs, and dividends. During the ordinary course of business, we evaluate our cash requirements and, if necessary, adjust our expenditures to reflect the current market conditions and our projected revenue and demand. Our capital expenditures are primarily directed towards manufacturing and operations and can materially influence our available cash for other initiatives.

In addition, we may seek additional debt or equity financing from time to time; however, such additional financing may not be available on acceptable terms, if at all.

Debt

On September 9, 2024, we used existing cash on hand to prepay the full $345.0 million outstanding principal balance under our Term Loan Facility. On the same date, we entered into an additional amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million.

As of September 30, 2024, our only outstanding debt is the $575.0 million Convertible Notes, which mature on September 15, 2028 and carry a 2.5% interest rate.

See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for additional information.

The interest rate swap contracts previously entered into related to the Term Loan Facility expired on September 10, 2024. Should we have future borrowings under our Term Loan Facility or Revolving Facility, those borrowings would be subject to a variable rate.

As of September 30, 2024, no amounts were outstanding under the Revolving Facility, and we had $600.0 million in available funding.

In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million. Any requested increase is subject to lender approval.

For more information see Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

Dividends

During the nine months ended September 30, 2024, we paid quarterly cash dividends of $0.10 per share, totaling $11.5 million. We currently anticipate that a cash dividend of $0.10 per share will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions, and other factors.

39

Table of Contents

Cash Flows

A summary of our cash from operating, investing, and financing activities is as follows (in thousands):

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

    

2024

    

2023

Net cash from operating activities from continuing operations

​

$

50,250

​

$

128,240

Net cash used in operating activities from discontinued operations

​

 

(2,191)

​

 

(3,307)

Net cash from operating activities

​

 

48,059

​

 

124,933

Net cash used in investing activities

​

 

(60,505)

​

 

(50,229)

Net cash used in financing activities

​

 

(374,433)

​

 

454,204

Effect of currency translation on cash and cash equivalents

​

 

(389)

​

 

(1,795)

Net change in cash and cash equivalents

​

 

(387,268)

​

 

527,113

Cash and cash equivalents, beginning of period

​

 

1,044,556

​

 

458,818

Cash and cash equivalents, end of period

​

$

657,288

​

$

985,931

​

Operating Activities

Net cash from operating activities from continuing operations for the nine months ended September 30, 2024 was $50.3 million, as compared to $128.2 million for the same period in the prior year. This $77.9 million decrease was primarily due to lower net income from continuing operations. Additionally, during the current year, we had a significant use of cash for inventories due to a strategic inventory buildup as well as lower cash flow from accounts receivable as a result of a decline in revenue. In addition, we had unfavorable changes in accounts payable, accrued expenses, and other liabilities.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2024 was $60.5 million, primarily driven by the following:

●$44.0 million in purchases of property and equipment largely driven by investments in our manufacturing footprint and capacity;
●$13.8 million for the Airity acquisition; and
●$2.7 million in purchases of investments.

Net cash used in investing activities for the nine months ended September 30, 2023 was $50.2 million, primarily driven by the following:

●$46.8 million in purchases of property and equipment largely driven by investments in our manufacturing footprint and capacity; and
●$3.4 million in purchases of investments.

Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2024 was $374.4 million and included the following:

●$355.0 million for repayment of long-term debt;

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●$11.5 million for dividend payments;
●$1.8 million for repurchase of common stock; and
●$6.0 million in net payments related to stock-based award activities.

Net cash from financing activities for the nine months ended September 30, 2023 was $454.2 million and included the following:

●$562.0 million net proceeds from issuance of long-term debt;
●$74.9 million proceeds from the sale of Warrants;
●$115.0 million for purchase of Note Hedges;
●$40.0 million for repurchase of common stock;
●$15.0 million for repayment of long-term debt;
●$11.4 million for dividend payments; and
●$1.3 million in net payments related to stock-based award activities.

Effect of Currency Translation on Cash

During the nine months ended September 30, 2024, foreign currency translation had a minimal impact on cash. See “Foreign Currency Exchange Rate Risk” in Part I, Item 3 for more information.

​

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Note 1. Summary of Operations and Significant Accounting Policies and Estimates to the consolidated financial statements in the 2023 Form 10-K describes the significant accounting policies and methods used in the preparation of our consolidated financial statements. Our critical accounting estimates, discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the 2023 Form 10-K, include assessing excess and obsolete inventories, accounting for income taxes, and estimates for the valuation of assets and liabilities acquired in business combinations.

Such accounting policies and estimates require significant judgments and assumptions to be used in the preparation of the consolidated financial statements and actual results could differ materially from the amounts reported based on variability in factors affecting these estimates.

​

​

​

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ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk and Risk Management

In the normal course of business, we have exposure to interest rate risk from our investments and the Credit Agreement. We also have exposure to foreign exchange rate risk related to our foreign operations and foreign currency transactions.

See “Risk Factors” set forth in Part I, Item 1A of the 2023 Form 10-K and Part II of this report, for more information about the market risks to which we are exposed. There have been no material changes in our exposure to market risk from December 31, 2023.

Foreign Currency Exchange Rate Risk

We are impacted by changes in foreign currency exchange rates through revenue and purchasing transactions when we sell products and purchase materials in currencies different from the currency in which product and manufacturing costs were incurred. Our reported financial results of operations, including the reported value of our assets and liabilities, are also impacted by changes in foreign currency exchange rates. Assets and liabilities of substantially all our subsidiaries outside the U.S. are translated at period end rates of exchange for each reporting period. Operating results and cash flow statements are translated at average rates of exchange during each reporting period. Although these translation changes have no immediate cash impact, the translation changes may impact future borrowing capacity, and overall value of our net assets.

The functional currencies of our worldwide facilities primarily include the United States Dollar, Euro, South Korean Won, New Taiwan Dollar, Japanese Yen, Pound Sterling, and Chinese Yuan. We are subject to risks associated with revenue and purchasing activities and costs to operate that are denominated in currencies other than our functional currencies, such as the Singapore Dollar, Malaysian Ringgit, Mexican Peso, Philippine Peso, and Thai Baht. Historically, the impact of changes to these particular exchange rates has not been material to our operating results.

From time to time, we may enter into foreign currency exchange rate contracts to hedge against changes in foreign currency exchange rates on assets and liabilities expected to be settled at a future date, including foreign currency, which may be required for a potential foreign acquisition. Market risk arises from the potential adverse effects on the value of derivative instruments that result from a change in foreign currency exchange rates. We may enter into foreign currency forward contracts to manage the exchange rate risk associated with intercompany debt denominated in nonfunctional currencies. We minimize our market risk applicable to foreign currency exchange rate contracts by establishing and monitoring parameters that limit the types and degree of our derivative contract instruments. We enter into derivative contract instruments for risk management purposes only. We do not enter into or issue derivatives for trading or speculative purposes.

Interest Rate Risk

At the present time, a change in interest rates does not have an impact upon our future earnings and cash flow because our only outstanding debt is the Convertible Notes, which carry a fixed 2.5% interest rate. However, increases in interest rates could impact the decision to borrow under our Credit Agreement, ability to refinance existing maturities, and acquire additional debt on favorable terms.

​

For more information see Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

​

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ITEM 4.       CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures, which are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Principal Executive Officer (Stephen D. Kelley, President and Chief Executive Officer) and Principal Financial Officer (Paul Oldham, Executive Vice President and Chief Financial Officer), as appropriate, to allow timely decisions regarding required disclosures.

As of the end of the period covered by this report, we conducted an evaluation, with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures pursuant to the Exchange Act Rule 13a-15(b). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024. The conclusions of the Chief Executive Officer and Chief Financial Officer from this evaluation were communicated to the Audit and Finance Committee. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. We intend to continue to review and document our disclosure controls and procedures, including our internal controls over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.

Changes in Internal Control over Financial Reporting

Our assessment of the effectiveness of internal control over financial reporting excludes Airity, which we acquired in a business combination on June 20, 2024. See Note 2. Acquisitions in Part I, Item 1 “Unaudited Consolidated Financial Statements.” Airity’s total assets and total revenue excluded from management’s assessment represent less than 1% of the related consolidated financial statement amounts as of September 30, 2024.

Aside from the above, there was no change in our internal control over financial reporting that occurred during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

​

PART II OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS

We are involved in disputes and legal actions arising in the normal course of our business. Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our financial condition, results of operations, or liquidity.

​

ITEM 1A.     RISK FACTORS

Information concerning our risk factors is contained in Part I, Item 1A, “Risk Factors” in the 2023 Form 10-K. The risks described in the 2023 Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or operating results. There have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K.

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ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

​

To repurchase shares of our common stock, we periodically enter into stock repurchase agreements, open market transactions, and/or other transactions in accordance with applicable federal securities laws. Before repurchasing our shares, we consider the market price of our common stock, the nature of other investment opportunities, available liquidity, cash flows from operations, general business and economic conditions, and other relevant factors.

The following table summarizes these repurchases during the three months ended September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

Month

    

Total
Number of
Shares
Purchased

    

Average
Price Paid
Per Share

    

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs

    

Maximum
Dollar
Value of
Shares that
May Yet be
Purchased
Under the
Plans or
Programs

​

​

(in thousands, except price per share data)

July 1 to July 31, 2024

​

​

—

​

$

—

​

​

—

​

$

199,192

August 1 to August 31, 2024

​

​

—

​

$

—

​

​

—

​

$

199,192

September 1 to September 30, 2024

​

​

19

​

$

93.58

​

​

19

​

$

197,404

​

At September 30, 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.

​

ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

None

​

ITEM 4.       MINE SAFETY DISCLOSURES

None

​

ITEM 5.       OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, no director or officer adopted or terminated a “Rule 10b5-1 trading arrangement” or a “Non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K).

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ITEM 6.       EXHIBITS

The exhibits listed in the following index are filed as part of this Quarterly Report on Form 10-Q.

​

Exhibit

​

​

Incorporated by Reference  

Number

​

Description

Form

File No.

Exhibit

Filing Date

​

​

​

​

​

​

​

10.1

​

Amendment No. 4 to Credit Agreement by and among Advanced Energy Industries, Inc., the guarantors party thereto, Bank of America, NA as the administrative agent, and the lenders party thereto

8-K

000-26966

10.1

Sep. 11, 2024

​

​

​

​

​

​

​

31.1

​

Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

​

​

​

Filed herewith

​

​

​

​

​

​

​

31.2

​

Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

​

​

​

Filed herewith

​

​

​

​

​

​

​

32.1

​

Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

​

​

​

Filed herewith

​

​

​

​

​

​

​

32.2

​

Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.INS

​

Inline XBRL Instance Document

(The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.SCH

​

Inline XBRL Taxonomy Extension Schema Document.

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.CAL

​

Inline XBRL Taxonomy Extension Calculation Link base Document.

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.DEF

​

Inline XBRL Taxonomy Extension Definition Link base Document.

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.LAB

​

Inline XBRL Taxonomy Extension Label Link base Document.

​

​

​

Filed herewith

​

​

​

​

​

​

​

101.PRE

​

Inline XBRL Taxonomy Extension Presentation Link base Document.

​

​

​

Filed herewith

​

​

​

​

​

​

​

104

​

Cover Page Interactive Data File

(Formatted in Inline XBRL and contained in Exhibit 101)

​

​

​

Filed herewith

​

​

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

​

​

​

​

​

ADVANCED ENERGY INDUSTRIES, INC.

​

​

​

Dated:

October 30, 2024

/s/ Paul Oldham

​

​

Paul Oldham

​

​

Chief Financial Officer and Executive Vice President

​

​

​

​

​

/s/ Bernard R. Colpitts, Jr.

​

​

Bernard R. Colpitts, Jr.

​

​

Chief Accounting Officer and Controller

​

46